BALTIMORE, Feb. 7, 2024 /PRNewswire/ — LIBRA Insurance Partners, the largest independently owned life insurance marketing organization (IMO) in the U.S., today announced a groundbreaking underwriting collaboration with DigitalOwl, the industry leader in applying artificial intelligence to medical record analysis, and Reinsurance Group of America, Incorporated (RGA), the only global reinsurer solely focused on life and health reinsurance solutions. Dedicated specifically to addressing inefficiencies in the informals submission process, this collaboration will utilize DigitalOwl technology via RGA’s facultative underwriting program.
As an extension to the industry’s first and only direct distribution-reinsurer facultative reinsurance program, LIBRA firms will submit informal applications to RGA and in return receive a facultative offer, a highly concise DigitalOwl medical summary, and an underlying structured data asset, all managed by RGA.
“We are thrilled to announce this underwriting collaboration which provides transformative efficiencies to what is historically one of the least efficient steps in the life insurance case submission process,” said William (Bill) Shelow, CLU®, ChFC®, CPCU®, LLIF, President and CEO of LIBRA. “This partnership times perfectly with LIBRA’s recent rollout of QuoteShop, our proprietary ‘informal quote’ submission platform with advanced multi-carrier capabilities, providing an efficient and expedited end-to-end solution for carriers and agents alike.”
“Since LIBRA’s inception, the driving philosophy behind RGA’s involvement with LIBRA’s facultative program is to provide a win-win solution for both its firms and our participating carrier partners,” said Dave Rengachary, Senior Vice President, Head of Underwriting, U.S. Individual Life, RGA. “Our exclusive life and health partnership with DigitalOwl streamlines LIBRA’s underwriting operations, relieving the financial and human strain of manual review. RGA’s use of DigitalOwl technology provides efficient processing and analyzing of vast volumes of medical records, from both conventional and electronic health records (EHRs) and aligns them with the application data and real-time underwriting requirements.”
“This is just the first step in our collaboration with LIBRA and RGA,” reports Yuval Man, CEO of DigitalOwl. “By leveraging the expertise of both of these industry leaders, DigitalOwl plans to use its groundbreaking generative AI capabilities to truly tailor the Digital Underwriting Abstract to the informals process, as well as completely streamline each step of the communication process between agent, carrier, and reinsurer through our leading generative text capabilities.”
With a mission to be the preeminent marketing organization in the country, LIBRA Insurance Partners offers agency partners greater operating efficiencies, enhanced technological capabilities, and an expanded lineup of affiliated carriers and reinsurers. Specifically, LIBRA is focused on adding value to its partners and driving quality business to its carriers, guided by three strategic pillars:
1. Differentiate resources and experiences for our partner agencies:
- Proprietary processing tools and platforms for quick quotes and informals
- Exclusive access to a dedicated medical director
- Proprietary product analysis, white papers, and benchmarking tools
- Invitations to exclusive training resources and events
- Best practices and idea sharing at all meetings
2. Deliver proprietary programs, processes, and products to differentiate our partners:
- Partner-owned and producer-accessible reinsurance company (RGA)
3. Exclusive facultative underwriting program with RGA Create uniquely aligned, strategic relationships with carriers
- Carrier SLA/Throughput tool
- Exclusive compensation programs
For more information, visit www.LIBRAIP.com.
About LIBRA Insurance Partners (LIBRA)
LIBRA Insurance Partners is an insurance marketing organization dedicated to serving independent insurance producers, brokers, and financial institutions. Formerly known as LifeMark Partners and BRAMCO Financial Resources, and through the merger with Insurance Designers of America (IDA) in 2022, the firm exists to leverage strategic relationships, expertise, and innovation to expand life insurance distribution for the benefit of all stakeholders. LIBRA Insurance Partners is dedicated to the ongoing development and enhancement of resources to differentiate partner agencies from the competition. Its firms benefit from robust proprietary service offerings, unparalleled partnership, product expertise, and access to industry-leading technologies and tools, including expansive underwriting support resources. To learn more about becoming a LIBRA partner firm, visit www.LIBRAInsurancePartners.com or call (410) 837-3022.
DigitalOwl is an InsurTech platform empowering insurance professionals to transform complex medical data into actionable insights with unprecedented speed and accuracy. The suite of innovative products allows users to ‘View’, ‘Triage’, ‘Connect’, and ‘Chat’ with their medical data — addressing the diverse needs of the insurance industry. The company has introduced the first and only machine-learning platform that interprets medical records and assists underwriters and claim adjusters in their work. Backed by a Medical Knowledge Base, the platform has a deep understanding of the medical text, creating a focused set of medical data points in a robust, meaningfully summarized format. Data is arranged chronologically, allowing the user to search and filter information by medical condition, date, body system, and more. The complete history is contained within a few pages rather than hundreds, allowing clients to speed up their medical records review process and free up their talented resources to focus more time on critical activities. For more information about DigitalOwl, visit www.digitalowl.com. Follow DigitalOwl on LinkedIn.
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $3.7 trillion of life reinsurance in force and assets of $97.6 billion as of December 31, 2023. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
Alana Kohl & Jill Schofield
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SOURCE LIBRA Insurance Partners